The Indiana University Libraries and WGBH Media Library and Archives is conducting a two-year NEH-funded project to extend the open source HydraDAM digital asset management system to operate on the emerging Fedora 4.0 digital repository architecture, using the Hydra repository application framework. The development of this system, initially titled HydraDAM2 and later renamed to PHYDO, will build on WGBH’s prior NEH-supported work on the development of the original HydraDAM system and on Indiana University’s IMLS-supported work on development of the Hydra/Fedora-based Avalon Media System. It will also build on both institutions’ substantial experience in digital approaches to preservation of audio and video collections. The primary project goal is to develop a system that can serve as a digital preservation repository for time-based media collections at a wide range of institutions.